Investment companies still liable for AML
BOSTON – Investment companies – also known as mutual funds – that 'outsource' their anti-money laundering (AML) functions to their transfer agents have been warned that they still hold the primary responsibility of ensuring the adequacy of their AML programme.
Wary of their exposure, mutual funds are increasingly delegating their AML obligations to their agents, who deal with investors directly, according to Robert Tull, a former SEC examiner, and now a senior consultant at SEC Compliance Consultants in Phoenixville, Pennsylvania.
Speaking at the Financial Markets World-sponsored conference on Anti-money laundering in the securities and investment industries in Boston at the end of April, Tull said mutual funds must be careful to balance their need to
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